Are your utility estimates only for your common utilities?  

There is not enough numbers there to give you an answer - but you will probably be paying 400 in mortgage, then taxes( looks like probably 200/m), water, sewer, maintenance, insurance, utilities. throwing a rough number out there i would say you probably would have about $900 / m in expenses, so you could make $400 / m. can always try and negotiate a little lower to make a little more.

- it's always good to see another Hoosier utilizing this great site!

@George Torres From the little I know that Rams thing is not just Rams, it also includes NFL, Espn offices/studios, major sports brands, other media outlets, perhaps 2nd team, year round events, concerts, etc...the dude just spent another couple hundred million in the Valley too. 

I'm now down to $240 for the entire job I get to keep to feed my family, pay my mortgage, pay my utilities.    

That is good that you are on city utilities.

I also utilize a self-directed 401K and at times use private investors or hard money.  

To determine the market resale value, utilize Craigslist, Land Watch, Land and Farm, EBay, Zillow, and/or any other other online resource to collect comps for vacant properties of similar size in nearby areas.

Is there a requirement for MFU to utilize public water and sewer and does said land have access to these?

Commercial projects often utilize AIA agreements and new home projects, may differ too.